any red flag in this situation , need some advice

[Rufino Polanco]

I am a newbie on laundromat and learning new stuff everyday. i am looking to buy my first laundromat that’s why i am using Jordan’s methods of handing out letter of interest to near by laundromats owner. And during this process, i have became friend with an owner because i offered him a hand fixing something a his laundromat. This laundromat is near where I live, i see people washing most of the time I go there. The owner stated that he recently bought this laundromat. Not sure how much he paid for it. He seems not willing to sell yet. I will ask him soon. Within other conversations, the laundromat owner expressed some interest in subletting it or putting me as manager of the store, so that he can spend time his family etc.

any red flag in this situation?

Thank you in advance
R.P

[Trenton Adams]

the biggest concern I could see is making sure that there is a very clear agreement in writing on what they are responsible vs you. There are two largely different options you have listed being a manager would be more employee and a the sublet could me ran as more of a owner/operator position.

One large advantage I could see here is something that happened to us and helped. if you are a manager for this store for a while and then a store elsewhere becomes available is the time while. your time working in or with this store if you have a pay record etc could be beneficial when going to a bank as time served/ experience in the industry and the banks should look at you a more favorable vs someone that has zero laundry experience.

[Rufino Polanco]

@Trenton , thank you very much for your advice! I will follow-up on any of these scenarios! Truly, i will gain real experience on any. Thank you again !

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